A US recession is ‘the biggest concern’ amid the tariff war, says Standard Chartered

1.The probability of a U.S. recession in the next 12 months has risen from 25% to “as high as 40%,” said Standard Chartered Private Bank’s Clive McDonnell.
2.The ongoing trade war between the two economic powerhouses is heating up again, with both the U.S. and China announcing tariff hikes on each other’s goods.
3.Amid the uncertainty, McDonnell said he was telling clients to look at putting their money in gold.

The potential of a recession in the U.S. is now “the biggest concern” as Washington and Beijing continued to up the ante in their protracted trade fight, according to a strategist at Standard Chartered Private Bank.

The probability of a U.S. recession in the next 12 months has risen from 25% to “as high as 40%,” said Clive McDonnell, head of equity strategy at the bank.

The ongoing trade war between the two economic powerhouses is heating up again after China on Friday announced new duties on $75 billion worth of goods from the U.S, in retaliation for U.S. President Donald Trump’s threat to impose more tariffs earlier in August.